SPoT Coffee Announces $82.5K Equity Financing
December 22 2022 - 2:02PM
Business Wire
SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the
"Company") is pleased to announce a non-brokered private
placement offering of 1,650,000 common shares (each a "Common
Share") at a price of C$0.05 per Common Share for aggregate gross
proceeds of C$82,500. The proceeds raised under this financing are
expected to be used exclusively to fund an application by the
Company to cross-list its Common Shares on the OTCQB stock
exchange. All of the Common Shares issued in connection with this
financing will be subject to a statutory four-month hold period in
accordance with applicable securities laws. The sole subscriber
under this offering is an insider of the Company. Such subscription
is considered to be a related party transaction and is therefore
subject to the provisions of Multilateral Instrument 61-101 –
"Protection of Minority Security Holders in Special Transactions",
however exemptions are available from the minority shareholder
approval and valuation requirements set forth in the foregoing
Multilateral Instrument.
About SPoT Coffee
SPoT Coffee has been designing, building and operating
company-owned and franchise community cafés in the northeastern
United States for over 25 years. SPoT's cafés provide their
customers with the highest quality service, signature made-to-order
meals and award-winning micro-roasted coffee. Each SPoT café is
distinctively designed to suit the local neighbourhood, creating a
warm and friendly gathering place for the community. SPoT's
commercial business focuses on the sale of roasted coffee beans to
food service and grocery chains, business offices, and resellers
such as universities and hospitals.
We seek Safe Harbor.
Forward Looking
Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement. Except as
required by applicable securities laws, the Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
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version on businesswire.com: https://www.businesswire.com/news/home/20221222005471/en/
For Further Information:
info@spotcoffee.com or Anton Ayoub, President & CEO (416)
368-2220 Ext.228
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